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Egypt stocks up on active individual investors

New listing rules helped small and medium stocks in terms of capital

Ahram Online, Wednesday 5 Feb 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in cairo (Photo: Reuters)
Views: 667
Views: 667

Egypt’s stocks were up on Wednesday on hyperactive individual investors –representing 76 percent of market–who pushed up the broader EGX70 index to reach a two-year high.

The EGX70 closed up 1.2 percent, recording 602 points.

The main index, EGX30, closed up 0.7 percent, registering 7,343 points.

The individuals’ high participation came after new listing rules on Tuesday helped small and medium stocks in terms of capital.

The session saw a daily turnover of the listed securities worth LE718.3 million.

Market bellwether Commercial International Bank (CIB) ended trading up 0.5 percent, closing at LE33 per share.

Global Telecom Holding (GTH) rose 0.2 percent, recording LE5 per share.

Real estate developers Talaat Mustafa Group (TMG) and Palm Hills Development (PHD) increased 0.7 and 1.3 percent, registering LE7 and LE3 per share respectively.

Six of October Development and Investment (SODIC) declined 0.1 percent, closing at LE22.9 per share.

Egyptians were net buyers at LE22.2 million, while foreign investors were net sellers at LE14.4 million.

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